A decade ago, in China cash was king. But in less than another decade, the same country could be the first fully cashless society, says business analyst Ben Cavender to AFP. Cavender estimates China’s mobile payment market is already 40-50 times larger than the United States
Category Archives: WeChat
From a cash country, where transactions were done by moving plastic bags with money between bank branches, China has turned into a leading force in fintech or financiel technology. Mobile payment are standard. Bitcoins and blockchain technology found in China early adopters. Social media have – more than anywhere in the world – adopted payment systems to facilitate online trade.
Europe is preparing for the 2018 China-EU Tourism year and the European Parliament invited social media expert Matthew Brennan to Brussels to brief them on the position of WeChat. He explained the committee how to improve Europe’s performance, writes the China-EU newsletter.
WeChat expert Matthew Brennan has joined the China Speakers Bureau this week. China’ online giants dominate its economic, social and financial life, with Tencent’s WeChat as the major force, trailed by Alibaba and Sina’s Weibo.
WeChat is China’s operating system for your life, says Matthew Brennan in one of his presentations.
Top executives at China’s internet giant Tencent earn higher salaries than their counterparts at Amazon, Twitter, Intel Apple and IBM, according to job portal Zhaopin.com. Business analyst Shaun Rein is not surprised, he tells the South China Morning Post. There is no other way to retain their talent in China.
Almost all Chinese consumers use their mobile phone to pay, most overwhelmingly by Alipay. Fintech expert Andy Mok discusses at CCTV the implications. The technology is inplace, but the regulators are still slowing the implementation, he says. Regulation by the government is unavoidable, but in a way that serves the consumers.
WeChat has been for long the golden grail for marketing to China´s consumers. But those days are over, says innovation expert William Bao Bean, director of the Shanghai-based ChinaAccelerator to TechNode. Marketing needs more platforms than WeChat, although the Tencent tool is still an important center piece.
Chinese internet companies took the lead in selling through social commerce, rather than poorly working ads. China entrepreneur William Bao Bean explains how China is taking the lead from Western companies, at GetGlobal 2016 in Los Angeles. “Traditional ads are under pressure.”
Interacting on social media is not enough for retailers to get customers. Last year the ChinaAccelerator supported Shopal, a digital tool helping retails to trace and follow customers beyond social media contacts. Managing director William Bao Bean of the ChinaAccelerator explains why Shopal works. A shift from brands to retailers.